Musk and Tesla now face a new challenge. The company’s insurance division is the subject of a class-action lawsuit alleging systematic underpayment of auto insurance claims and violations of state consumer-protection laws. Filed Nov. 5 in Arizona federal court, the lawsuit claims Tesla shortchanged uninsured and underinsured drivers.

Shareholders voted this week to approve the package, which would make Musk the world's first trillionaire if Tesla reaches certain milestones.

Silicon Valley is gunning hard for humanoids. A report released by Morgan Stanley on Friday predicted Apple, which is reportedly looking into the robots, could potentially earn $133bn a year from them by 2040. Foxconn is reported to be deploying them at its Nvidia factory in Texas.

Elon Musk has said the company plans to expand its ride-hailing service into eight to 10 metropolitan areas by the end of the year.

Elon Musk said he expects Tesla to be able to put all the Cybercabs it builds on the road, and thanked Waymo for "paving the path."

The lawsuit is filed by the children of a couple who were among five killed into a 2024 crash after they could not escape a fiery Tesla.

Satellite images obtained by Business Insider show how BYD has significantly expanded one of its largest production facilities in China.